On a day when Bitcoin is down 14%, crypto-bullish institutional investors are standing to be one of the largest losers. In the space of 24 hours, BTC price dropped to a low of $23,458.60 from a high of $28,240.
Loss Of Interest In BTC, ETH Among Institutional Investors
Statistics revealed last week that institutional investors were significantly losing interest in Bitcoin and Ethereum. The ongoing crypto meltdown, which also witnessed the Terra crash last month, is seeing huge selling activity.
During last week, BTC witnessed total outflows of $57 million, while the month-to-date outflows stood at $91 million.
Likewise, Ethereum witnessed massive selling activity due to two major setbacks. While the delay of Ethereum Merge had huge impact on trading activity, the depegging of stETH from ETH worsened it. A total of $41 million was witnessed in institutional outflows, while the year-to-date outflows stood at $387 million.
So far on Monday, the huge decline in Bitcoin price had a direct impact on the overall cryptocurrency market. Also, MicroStrategy, which is the largest institutional holder of Bitcoin at 129,218 coins, extended losses to its stock price.
Data on public companies owning Bitcoin revealed massive losses incurred by top institutional investors. Central American country El Salvador is in top three among Bitcoin holding institutions, although it is not really a company.
In a shocking revelation, a staggering $1.39 billion in BTC was lost between the top three investing companies. MicroStrategy is followed by Elon Musk’s Tesla and El Salvador with each holding 129,218, 42,902, and 2,301 bitcoins respectively.
As a result, the price drop continues to drive the institutional investors to sell their holdings. The cryptocurrency market has dropped below the $1 trillion mark for the first time in months. It stands at around $960 million, losing more than $1.5 trillion in a space of eight months.
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